UK stockholder Parker & Son close to administration
UK general steel stockholder John Parker & Son said in a note to suppliers that it has filed a 'Notice of Intention to Appoint Administrators'.
"This does not mean that the company is in administration, but it does mean that an administration process is possible in the near future," the company said.
John Parker & Son has been up for sale for some time and the company hopes to complete a sale by the end of the month. Another large stockholder and one mill have been involved in talks, and a management buyout is possible, market sources have suggested. The company could not be reached for comment. In its letter to suppliers, issued on 22 July, John Parker & Son said it has the support of its bank.
Another part of the company, Parker Tools, recently entered administration.
The spectre of the wider company going into administration is causing concern throughout the supply chain, as it could weigh on credit insurance appetite for the beleaguered sector. Issues at British Steel and Meridian, as well as squeezed margins in the steel supply chain, have already soured insurance appetite.
source: Argus Media
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